The update is due to go live tomorrow. The functionality will be very basic at launch, allowing you to simply check your own Trophy stats. After a later update, you'll be able to compare your Trophies against friends' and "look at your Trophies in new and interesting ways." We're hoping the info will be made available for third-party applications and websites to access at some point in the future, too.
In the meantime, check out our gallery below to see what your Trophies will look like on PlayStation.com and visit the PlayStation Blog for a video walkthrough of the new site features.